Enservco Corporation

Good day, everyone, and welcome to the InserveCo 2023 first quarter earnings call. At this time, all participants have been placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Jay Pfeiffer. Sir, the floor is yours.

Hello, and welcome to InserveCo's 2023 first quarter conference call. Presenting on behalf of the company today are Rich Murphy, Executive Chairman, and Mark Patterson, Chief Financial Officer. As a reminder, matters discussed during this call may include forward-looking statements that are based on management's estimates, projections, and assumptions as of today's date and are subject to risks and uncertainties disclosed in the company's most recent 10-K as well as other filings with the SEC. The company's business is subject to certain risks that could cause actual results to differ materially from those anticipated in its forward-looking statements. And Servco assumes no obligation to update forward-looking statements that become untrue because of subsequent events. I'll also point out that management's ability to respond to questions during this call is limited by SEC Reg FD, which prohibits selective disclosure of material non-public information. A webcast replay of today's call will be available at inserveco.com after the call. In addition, a telephone replay will be available beginning approximately two hours after the call. Instructions for accessing the webcast or replay are available in today's news release. With that, I'll turn the call over to Rich Murphy. Rich, please go ahead.

Good morning, and welcome to our first quarter earnings call. I'm pleased to report we are resuming regular earnings calls after taking several quarters off last year when we were focused on restating our financial statements. A lot has transpired in the meantime, and today, in addition to recapping a successful first quarter, we're going to review some of the other progress we've made over the past year and give you some insight into our plans for growing our business and building shareholder value. Today, I also have the pleasure of introducing to you Mark Patterson, our new chief financial officer who joined the company approximately one year ago with a mandate from the board to strengthen our finance and SEC reporting function and help further deleverage our balance sheet. In a moment, Mark will speak to these efforts and provide a recap of our Q1 results. The first quarter of 2023 marked and surfaced the eighth consecutive quarter of increased year-over-year revenue. This trend partially reflects a rebound following the prolonged industry downturn. that began in the mid-teens and extended to the COVID shutdowns when commodity prices bottomed out. It also reflects the resilience of our business, which is a product of our deep customer relationships and our dedicated field personnel who have been successful driving higher revenues in spite of sharp fluctuations in commodity prices over the past couple of years. Profit metrics in the first quarter also improved. Gross profit was up 56% and adjusted EBITDA more than tripled in the quarter. Our balance sheet, a major focus for us in recent years, and a key element of our plans to enhance shareholder value, was further strengthened in the first quarter with an equity capital infusion and an additional 15% reduction in long-term debt since year end. Before I hand the call over to Mark, I want to share with you a few of the reasons we're so excited about having him on board. Mark is a seasoned finance executive who has extensive experience in leadership roles with growth companies, both large and small. Among other assignments, he's a former CFO, director, and or financial officer of multiple publicly traded companies that have gone through periods of rapid growth and consolidation. Mark is also a rare CFO, in my experience, who has a strong entrepreneurial track record, as well as a deep and varied operations experience to augment his financial acumen. He's the founder and owner of Better Way Logistics, a fast-growing private freight brokerage. In short, he understands firsthand how to staff, manage, and grow profitable businesses. We're fortunate to have Mark on board and look forward to his ongoing contributions to our growth ambitions. So with that, I'll turn the call over to Mark. Mark?